Piper Sandler Companies PIPR

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 65.95 USD on Nov 3, 2026, −19.1% year to date

Quant rating

Quant rating D Rank 642 of 799 in Financials

Growth B 252 of 799
Valuation C 502 of 799
Quality D 715 of 799
Revisions C 479 of 799
Momentum D 697 of 799

Wall Street consensus Buy (2.40)Average target 65.80 USD −0.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.7B
Enterprise value: 4.6B
52-week range: 61.39 – 93.28
3-year range: 34.05 – 93.28
Dividend yield: 1.19%
Beta (5 years): 1.39
Shares outstanding: 70.6M
Next earnings: Feb 3, 2027

About the company

Piper Sandler Companies is an investment bank and institutional securities firm, serving corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. The Company provides products and services, including financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; fixed income services; and alternative asset management strategies. It offers equity and fixed income advisory and trade execution services for institutional investors, corporations, and government and non-profit entities. Its segment provides investment banking services, institutional sales and trading services for various equity and fixed income products, and research services. It operates alternative asset management funds in merchant banking and healthcare to invest firm capital and manage capital from outside investors.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,904	1,532	1,358	1,435	2,042	–
Revenue growth	24.3%	12.8%	−5.4%	−29.7%	63.0%	8.7%
EPS (basic, normalized)	4.43	3.17	2.32	2.81	5.48	–
EPS growth	39.8%	36.7%	−17.6%	−48.6%	–	–
Gross margin	98.7%	98.3%	97.8%	97.9%	98.7%	98.3%
Net margin	14.8%	11.8%	6.3%	7.7%	13.6%	10.8%
ROE	–	–	15.7%	19.0%	34.1%	22.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	304
Current ratio	–
Long-term debt (mil)	0
Net debt (mil)	−15.6
Total equity (mil)	1,383
Net debt / equity	−0.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,904	+24.3%	2.4x	–	–	–	4.43	+39.8%	14.9x
2026	1,980	+4.0%	2.3x	–	–	–	4.16	−6.2%	15.9x
2027	2,222	+12.2%	2.1x	–	–	–	4.89	+17.7%	13.5x
2028	2,450	+10.3%	1.9x	–	–	–	5.83	+19.2%	11.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,980	−5.0%	−4.9%	−4.2%	4.16	−10.0%	−10.2%	−11.3%
2027	2,222	−5.2%	−5.4%	−4.3%	4.89	−11.0%	−11.5%	−12.8%
2028	2,450	−3.3%	−2.2%	−1.5%	5.83	−5.0%	−9.4%	−7.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	334	357	352	499	383	405	455	635	474	491
Sales mean (mil)	315	339	368	454	368	353	414	521	441	438
Surprise	+6.0%	+5.3%	−4.5%	+9.7%	+4.2%	+14.8%	+10.0%	+21.9%	+7.6%	+12.0%
EPS reported	0.70	0.63	0.64	1.20	1.02	0.74	0.95	1.72	1.00	1.04
EPS mean	0.55	0.56	0.67	0.99	0.71	0.56	0.80	1.20	0.93	0.87
Surprise	+27.3%	+11.8%	−3.9%	+21.3%	+43.8%	+32.4%	+18.8%	+43.3%	+7.2%	+20.1%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PIPR Piper Sandler Companies	4.7B	−0.04x	14.8%	3.25x	15.9x	13.5x	9.8x	8.5x
MS Morgan Stanley	291.2B	–	13.6%	2.51x	14.4x	13.6x	–	–
GS The Goldman Sachs Group, Inc.	258.5B	–	13.0%	2.07x	12.5x	12.0x	–	–
SCHW The Charles Schwab Corporation	154.4B	–	30.4%	3.08x	13.9x	11.4x	24.4x	20.7x
IBKR Interactive Brokers Group Inc	132.0B	9.69x	9.4%	5.65x	28.7x	23.3x	30.2x	24.8x
BX Blackstone Inc.	142.3B	2.66x	20.9%	10.17x	20.0x	16.2x	18.1x	14.6x
Mean		4.10x	17.0%	4.45x	17.6x	15.0x	20.6x	17.2x
Median		2.66x	14.2%	3.16x	15.2x	13.6x	21.3x	17.7x

Technical analysis

1M+0.9%
3M−12.9%
1Y−15.0%
3Y+99.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Piper Sandler Companies, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,904	1,532	1,358	1,435	2,042	1,253
Cost of revenue	24.4	25.5	30.1	29.7	27.3	33.4
Gross profit	1,880	1,506	1,328	1,405	2,015	1,219
Selling, general & administrative expenses	1,405	1,207	1,086	1,179	1,460	1,017
Research & development	–	–	–	–	–	–
Depreciation/amortization	27.4	27.1	37.3	31.0	42.7	55.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	6.1	2.6	7.7	11.4	4.7	10.8
Other operating expenses	67.1	51.2	74.6	49.9	65.2	67.6
Operating income	375	218	123	134	442	68.5
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	375	218	123	134	442	68.5
Provision for taxes	80.6	61.0	23.6	33.2	111	21.6
Minority interest	−12.6	23.7	−13.5	9.5	−51.9	−8.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	281	181	85.5	111	279	38.1
Extraordinary items	–	–	–	–	0	2.4
Net income	281	181	85.5	111	279	40.5
EBIT, normalized	418	261	176	225	543	183
EBITDA, normalized	445	288	213	256	586	238
Basic EPS, normalized	4.43	3.17	2.32	2.81	5.48	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Piper Sandler Companies, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	809	483	383	366	971	508
Receivables	141	272	246	343	306	260
Total inventory	–	–	–	–	–	–
Prepaid expenses	27.7	26.5	22.4	18.7	19.0	14.6
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	141	126	130	156	123	126
Goodwill	319	312	302	301	228	228
Intangibles	99.6	108	116	136	120	150
Long-term investments	323	282	298	286	252	183
Note receivable	60.4	45.5	15.8	20.7	12.0	5.5
Other long-term assets	1,650	1,383	1,279	1,282	1,831	1,305
Total assets	2,593	2,256	2,141	2,182	2,565	1,997
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	924	747	662	737	1,072	706
Short-term debt	61.7	84.6	179	60.8	129	151
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	0	0	0	125	125	195
Minority interest	212	188	214	200	165	96.7
Other liabilities	1,010	840	842	803	1,213	876
Total liabilities	1,222	1,028	1,055	1,127	1,503	1,168
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	958	982	988	1,045	925	848
Retained earnings (accumulated deficit)	729	562	454	453	450	271
Treasury stock	−319	−315	−356	−442	−313	−289
Other equity	2.7	−1.2	−0.9	−2.5	−1.0	−0.2
Total equity	1,371	1,228	1,085	1,054	1,062	829
Total liabilities & shareholders' equity	2,593	2,256	2,141	2,182	2,565	1,997

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Piper Sandler Companies, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	294	157	99.0	101	330	49.4
Depreciation, depletion & amortization	27.4	27.1	37.4	31.0	42.7	55.4
Deferred taxes	5.5	17.6	11.4	−32.8	−54.0	−36.2
Non-cash items	149	120	105	141	181	125
Changes in working capital	111	−8.9	23.3	−465	207	586
Cash from operations	587	313	276	−225	707	780
Investing activities
Capital expenditures	−34.7	−15.5	−10.1	−30.6	−20.6	−17.6
Other investing cash flows	−9.0	−16.3	0	−96.5	0	−417
Cash from investing	−43.7	−31.8	−10.1	−127	−20.6	−435
Financing activities
Financing cash flow items	11.2	−3.9	0.5	44.8	16.1	12.6
Cash dividends paid	−114	−73.7	−84.4	−108	−99.3	−28.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−116	−103	−166	−187	−140	−71.9
Cash from financing	−219	−181	−250	−250	−223	−87.6
Foreign exchange effects	2.3	−1.1	1.5	−3.3	−0.4	0.7
Net change in cash	327	99.7	17.5	−605	463	258
Free cash flow	552	298	266	−256	687	762

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.